Revaluation 2017 and Changes from 1 April 2017
The Valuation Office Agency typically revalue all rateable values for properties in England and Wales every five years. However the revaluation due in 2015 was delayed for 2 years to 1 April 2017, values that will take effect form 1 April 2017 are now published.
The idea of the revaluation is to maintain fairness by linking the business rates paid on a property to current rental values. The revaluation does not change the overall amount of business rates paid, but does redistribute the payments across the country and between properties.
Transitional Relief Scheme
Transitional relief limits how much your bill can change each year as a result of revaluation.
This means changes to your bill are phased in gradually, if you’re eligible.
You will receive transitional relief if your:
- property is in England
- rates go up or down by more than a certain amount
Your bill will be adjusted automatically if you’re eligible.
You can search for your property to estimate your business rates, including any transitional relief you’ll get.
The Department for Communities and Local Government has details of transitional relief following the 2017 revaluation.
Changes from 1 April 2017
On 8 March 2017, the Chancellor of the Exchequer announced furthermeasures to assist businesses effected by the revaluation due to come into effect on 1 April 2017.
These measures were announced:
- Businesses that will no longer be in receipt of Small Business Rates Relief (due to 2017 Revaluation) will see their bill increase by no more than £600 per year (£50 per month).
Subsequent year increases are capped at transitional cap or £50 per month whichever is higher.
- Public Houses will benefit from a £1,000 discount for Rateable Values less than £100,000
- A discretionary relief fund will be made available to local authorities to award to ‘hardship cases’ in their local area.
The details regarding these reliefs have not been issued by the Government. Non Domestic rate bills for the financial year 2017/18 are being issued without the above reliefs awarded. This will ensure that you are aware of your liability in respect of 2017/18.
We will attempt to put these measures in place as soon as possible, in the meantime we advise that you pay your Business Rates liability as billed. In the meantime, if you find that you are struggling to meet the new 2017/18 instalments as notified in your bill, please contact 0208 937 1525 to discuss an interim arrangement.
Should you qualify any of the above reliefs then we will reduce the amount you are paying accordingly and a revised bill will be issued outlining instalments due.